Questions from Financial Accounting

Q: Refer to the information in QS 5-5 and assume the

Refer to the information in QS 5-5 and assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the FIFO method. (Round per unit...

Q: Wayward Company wants to prepare interim financial statements for the first quarter

Wayward Company wants to prepare interim financial statements for the first quarter. The company wishes to avoid making a physical count of inventory. Wayward’s gross profit rate ave...

Q: Ming Company uses a periodic inventory system. It entered into the

Ming Company uses a periodic inventory system. It entered into the following purchases and sales transactions for April. (For specific identification, the April 9 sale consisted of 8 units from beginn...

Q: Preparing a statement of cash flows 1. Cash purchase of

Preparing a statement of cash flows 1. Cash purchase of equipment 2. Cash dividends to shareholders 3. Cash paid for advertising 4. Cash paid for wages 5. Cash paid on account payable to supplier 6. C...

Q: Refer to the information in Problem 5-1B and assume the

Refer to the information in Problem 5-1B and assume the perpetual inventory system is used. Required 1. Compute cost of goods available for sale and the number of units available for sale. 2. Compute...

Q: Aloha Company uses a periodic inventory system. It entered into the

Aloha Company uses a periodic inventory system. It entered into the following calendar-year purchases and sales transactions. (For specific identification, the May 9 sale consisted of 80 units from be...

Q: Refer to the information in Problem 5-3B and assume the

Refer to the information in Problem 5-3B and assume the perpetual inventory system is used. Required 1. Compute cost of goods available for sale and the number of units available for sale. 2. Compute...

Q: Refer to Samsung’s balance sheet in Appendix A. What does it

Refer to Samsung’s balance sheet in Appendix A. What does it title its plant assets? What is the book value of its plant assets at December 31, 2018?

Q: A physical inventory of Office Necessities Company taken at December 31 reveals

A physical inventory of Office Necessities Company taken at December 31 reveals the following. Required 1. Compute the lower of cost or market for the inventory applied separately to each item. 2. If...

Q: Hallam Company’s year-end financial statements show the following. The

Hallam Company’s year-end financial statements show the following. The company recently discovered that in making physical counts of inventory, it had made the following errors: Year...